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The Real Deal NYC

Struggling cannabis retailer MedMen dumps REIT stake

MedMen Enterprises’ national cannabis retail strategy is going up in smoke. And to trim costs, it’s selling its interest in Treehouse Real Estate Investment Trust. The Culver City-based MedMen was instrumental in forming Treehouse alongside Venice-based investment firm Stable Road Capital earlier this year. Treehouse had planned to make leaseback deals with MedMen for all classes of properties, including retail stores, and cultivation and production facilities. But that’s over now. As part of a larger

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Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

The son of Blockbuster video billionaire Wayne Huizenga successfully lobbied then-Gov. Rick Scott to include the site of his $100 million West Palm Beach development into an Opportunity Zone, according to a ProPublica investigation. The Opportunity Zone legislation, passed in December 2017 as part of President Trump’s tax code overhaul, was intended to help low-income neighborhoods. In this case, it benefits Wayne Huizenga Jr.’s plans to build luxury apartment towers on the Marina Village site.

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Kushner Cos will need workout on Times Square loan

The Kushner Companies’ $285 million loan on its big Times Square retail property will have to be reworked after tenants at the property broke their leases. The securitized loan managed by Wells Fargo will be sent to a special servicer to oversee negotiations, according to Bloomberg. Rental income for the retail condo at 229 West 43rd Street has fallen short of interest payments as months of tenant financial troubles have caught up with the Kushner

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Merchants scrambles to fill void after breakup with Playboy

UPDATED Friday November 15, 2019, 5:28 p.m.: Merchants Hospitality is clapping back after Playboy Enterprises cut ties with the company and its former club at the Cachet Boutique NYC hotel. A week after losing its license to use the iconic bunny trademark, Merchants claimed that the Black Box theater will now be dedicated to events booked by entertainment company Live Nation. Until recently, the 14,000-square-foot space was operating as Elevate Nightclub. The rest of the

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A $2.5B litmus test for the Century City luxury market

Spurred by a mall – yes, a mall – luxury residential sales in Century City are up, and now the area’s most ambitious condo project in a decade is finally nearing completion. After a myriad of delays, Century City based-developer Woodridge Capital Partners is slated to finish both the 143-unit North Tower and the 125-unit South Tower by December 2020, according to Mary Ann Osborn, director of sales for the towers. Completing construction would be

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SEC launches WeWork probe: report

The U.S. Securities and Exchange Commission has launched an inquiry into WeWork to determine if the company violated reporting rules ahead of its doomed planned public offering. Citing two unnamed sources, Bloomberg reported that SEC investigators are scrutinizing disclosures made to investors while the company embarked on aggressive fundraising efforts and completed transactions that posed potential conflicts of interest. The agency’s inquiry is reportedly in its early stages, and may not lead to allegations of

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Jim Whelan, Michael Stern and more to join Future City 2020

TRD is bringing some of the brightest minds in real estate to the Bahamas this winter. We’re excited to begin announcing some of the experts and innovators who will join us for our second annual Future City event. REBNY president Jim Whelan, JDS’ Michael Stern, Gil Dezer of Dezer Development, Young Woo, Anna Zarro and Rotem Rosen are just a few of the thought leaders who have already signed on. Future City is an exclusive

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Convictions in fatal gas explosion; green roof mandate kicks in

Every weekday The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to tips@therealdeal.com This page was last updated at 5:20 p.m. Video produced by Sabrina He The three defendants charged in a fatal East Village gas explosion four years ago were convicted Friday. The blast killed two people and leveled three buildings, leading to the discovery of an

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Inwood site goes for twice what seller paid last year

The Arden Group has closed on its purchase of a 47,350-square-foot development site at the edge of a rezoned section of Inwood. The deal for 4650 Broadway closed earlier this week between Philadelphia-based Arden and Abraham Fructhandler’s FBE Limited for $54 million, according to a person familiar with the transaction. Arden did not immediately return a request for comment. A person who answered the phone at FBE’s office said she had no information. Capital Property

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Landlords lob another lawsuit at new rent law

UPDATED, Nov. 15, 2019, 3:10 p.m: A group of landlords has filed another lawsuit challenging New York’s new rent law, alleging that the measure is unconstitutional. The complaint — filed by a group of landlords including Dino, Dimos and Vasiliki Panagoulias — refers to the Housing Stability and Tenant Protection Act of 2019 as a “regulatory scheme” and a “regime in which tenants, not property owners, control who occupies the property, how it is used,

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